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HomeMy WebLinkAbout2019-39RESOLUTION NO. 2019 -39 A resolution of the City Council for the City of Columbia Heights, Minnesota, WHEREAS, the Internal Revenue Service has issued Tres. Reg. 1.140.2 providing that proceeds of tax exempt bond used to reimburse prior expenditures will be not be deemed spent unless certain requirements are met; and, WHEREAS, the City of Columbia Heights (the "City") expects to incur certain expenditures which may be financed temporarily from sources other than bonds, and reimbursed from the proceeds of a bond; Now, therefore, in accordance with the foregoing, and all ordinances and regulations of the City of Columbia Heights, the City Council of the City of Columbia Heights makes the following: FINDINGS OF FACT 1. The City reasonably intends to make expenditures for Project No. 1903, consisting of Water Main Construction on 39th Avenue from Hayes Street to Arthur Street; Arthur Street from 39th Avenue to 40th Avenue; Stinson Boulevard from 43rd Avenue to 450' south of 43rd Avenue; and 49th Avenue from 7th Street to Washington Street, and reasonably intends to reimburse itself for such expenditures from the proceeds of debt to be issued by the City in one or more series in the maximum principal amount of $675,000. 2. The City reasonably intends to make expenditures for Project No. 1909 consisting of Sanitary Sewer Construction and reasonably intends to reimburse itself for such expenditures from the proceeds of debt to be issued by the City in one or more series in the maximum principal amount of $185,000. 3. This resolution is intended to constitute a declaration of official intent for purposes of Tres. Reg. 1.150 -2 and any successor law, regulating or ruling. ORDER OF COUNCIL Passed this 8th day of April, 2019 Offered by: Murzyn Jr. Seconded by: Buesgens Roll Call: All Ayes V I U.A , L L l "IY Donna K. Schmitt, Mayor Attest: Kelli ourgeoi C ty Manager